Project finance banks are eyeing Europe's emerging renewable hydrogen opportunity with caution, even if ambitious deployment targets indicate private-sector financing needs of Eur430 billion ($508 billion) by 2030. European developers have announced over 5 GW of electrolysis projects to be commissioned by 2024 and conversations with banks have begun, but it looks like the sector will have to learn to walk before it can run. "If you take a step back and look at the risks involved, it's like a child that has to grow up," Lisa McDermott, executive director for project finance at ABN Amro Bank NV, said of the renewable hydrogen market. "There's still some way to go before banks will be giving out large amounts of non-recourse financing."
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